Latest news with #Panamax
Yahoo
02-06-2025
- Business
- Yahoo
OceanPal Inc. Announces the Sale of M/V Protefs
ATHENS, Greece, June 02, 2025 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the 'Company'), a global shipping company specializing in the ownership of vessels, today announced that, through a separate wholly-owned subsidiary, it has signed a Memorandum of Agreement to sell the 2004-built dry bulk vessel 'Protefs' to a third party, for a sale price of US$7 million before commissions with delivery to the buyer no later than June 17, 2025. Upon completion of the aforementioned sale, OceanPal Inc.'s fleet will consist of 2 Panamax dry bulk vessels and an MR2 tanker vessel. A table describing the current OceanPal Inc. fleet can be found on the Company's website, Information contained on the Company's website does not constitute a part of this press release. About the Company OceanPal Inc. is a global provider of shipping transportation services, specializing in the ownership and operation of dry bulk vessels and product tankers. The Company is engaged in the seaborne transportation of bulk commodities, including iron ore, coal, and grain, as well as refined petroleum products. OceanPal's fleet is primarily employed on time charter trips with short to medium duration and spot charters, with a strategic focus on maximizing long-term shareholder value. Forward Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words 'believe,' 'anticipate,' 'intends,' 'estimate,' 'forecast,' 'project,' 'plan,' 'potential,' 'may,' 'should,' 'expect,' 'pending' and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company's control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company's operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company's vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, tariff policies and other trade restrictions, potential liability from pending or future litigation, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East, vessel breakdowns and instances of off-hires and other factors. Please see the Company's filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. CONTACT: Corporate Contact: Margarita Veniou Chief Corporate Development and Governance Officer and Secretary Telephone: +30-210-9485-360 Email: mveniou@ Website: X: @OceanPal_Inc Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@
Yahoo
28-05-2025
- Business
- Yahoo
Jinhui Shipping and Transportation Ltd (LTS:0JOD) Q1 2025 Earnings Call Highlights: Strong ...
Release Date: May 26, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Jinhui Shipping and Transportation Ltd (LTS:0JOD) reported a significant revenue increase of 41% compared to the previous quarter. Net profit for Q1 2025 increased sixfold, showcasing strong financial performance. The company successfully concluded a long-standing legal proceeding, resulting in a settlement income of $20.2 million. The fleet expanded to 26 vessels, enhancing the company's operational capacity. The balance sheet remains healthy with a low gearing ratio of 16%, indicating strong financial stability. Shipping-related expenses increased to $21.6 million, primarily due to higher payments for chartered vessels. The daily running cost of owned vessels rose from $4,830 to $5,375, attributed to fleet expansion and initial costs. Time charter equivalent rates for Capesize, Panamax, and Ultramax fleets showed a slight decrease compared to previous periods. The market environment in 2025 is filled with uncertainty, including geopolitical tensions and potential US tariffs affecting operations. No new long-term contracts were locked in during the quarter due to market volatility, impacting future revenue visibility. Warning! GuruFocus has detected 5 Warning Signs with LTS:0JOD. Q: Can you provide more details on the $20 million settlement income received from the legal proceedings with Parco Shipping PTE Limited? A: The settlement income of $20.2 million was received as a result of legal proceedings related to the non-performance of a charter party with Parco Shipping PTE Limited. This matter has been ongoing for years, and we are pleased to announce that it has reached a final conclusion. We plan to set aside this amount for potential opportunities to renew our vessels, focusing on the Ultramax segment, which remains our core strength. (Unidentified_1) Q: How does the company plan to handle the current volatile market conditions and geopolitical uncertainties? A: The geopolitical situation remains fluid, with uncertainties such as US tariffs and potential penalties on Chinese-built vessels. We aim to manage our balance sheet prudently and maintain a young fleet. We will continue to seek opportunities to maximize revenue and lock in earnings visibility through longer-term charters. However, given the current volatility, it is challenging to provide specific future plans. (Unidentified_1) Q: What is the company's outlook on the shipping rates for the Ultramax, Panamax, and Supermax sectors? A: Our focus remains on the Ultramax sector, which we believe is the most defensive. While we hope for stability in Supermax rates around $12,000 per day, shipping is inherently volatile, and we cannot predict future rates with certainty. We will continue to react to market conditions and make decisions based on opportunities that arise. (Unidentified_1) Q: Are there any plans for new long-term contracts or fleet acquisitions in the near future? A: Currently, we have no new long-term contracts locked in this quarter due to market volatility. Approximately 50% of our vessels are under long-term contracts ranging from 1 to 5 years. We will update the market if any new contracts are secured. As for fleet acquisitions, we have no commitments at this time and will make decisions based on market conditions and pricing. (Unidentified_1) Q: How does the company view the quality of Chinese-built ships compared to Japanese-built ships? A: Historically, Japanese yards have been favored by many charters. However, many first-class Chinese yards now produce high-quality ships comparable to Japanese-built ones. We evaluate ships based on quality, customer needs, and price, and we will continue to make decisions that align with our strategic goals. (Unidentified_1) For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Hindu
06-05-2025
- Business
- The Hindu
Thoothukudi VOC Port achieves another milestone in handling of bulk cargo
V.O. Chidambaranar Port Authority has achieved another major milestone by enhancing bulk cargo handling as the North Cargo Berth–III operated by JSW Tuticorin Multipurpose Terminal is ready for interim commercial operations. The terminal can discharge dry-bulk cargo such as coal, limestone, gypsum, rock phosphate and copper concentrate with two 120 tonnes capacity harbour mobile cranes. The 306 metres long, 14.20 metres draft, North Cargo Berth–III facilitates berthing of 95,000 Dead Weight Tonnage vessels of maximum LoA of 260 metres and beam of 48 metres. The concession agreement has been signed between the Port and JSW Tuticorin Multipurpose Terminal for mechanisation of North Cargo Berth–III. On mechanization by March 2027, JSW Tuticorin Multipurpose Terminal will be capable of handling 7 million tonnes of bulk cargo per annum. The dredging in front of the North Cargo Berth-III was carried out from April 5 and completed in a span of just 26 days enabling berthing of fully loaded Panamax vessels with draft of 14.20 metres. At present, dredging is being carried out in the turning circle of the inner harbour to widen its diameter from 488 metres to 550 metres and will be completed during this month. Further, the channel will be widened from 153 metres to 230 metres, facilitating berthing of larger size bulk carriers and container vessels. The Link Conveyor System, connecting Tuticorin Thermal Power Station's conveyor belt to the Port's coal yard can discharge over 1,500 tonnes of bulk cargo per hour. This initiative optimizes the capacity of the fully mechanized TANGEDCO's coal berth with a draft of 14.20 meters, a deadweight tonnage (DWT) of 80,000 tonnes, and accommodating vessels up to 230 meters in length. Chairman, V.O. Chidambaranar Port Authority Susanta Kumar Purohit, in a statement said the readiness of NCB-III Berth for handling dry bulk cargo marks a significant step in the Port's drive toward modernization and dry bulk cargo capacity enhancement. 'I urge all stakeholders and trade partners to fully utilize this state-of-the-art facility to boost bulk cargo operations and support the growth of maritime trade through VOC Port,' he added.
Time of India
26-04-2025
- Business
- Time of India
Iran oil port explosion: Massive blast rocks Shahid Rajaee Port in Bandar Abbas
Iran oil port explosion shook Shahid Rajaee Port in southern Iran's Hormozgan Province on Saturday, leaving nearly 700 people dead or injured. The Iranian oil port explosion , which stunned the nation and raised alarm worldwide, has prompted a major investigation, though the exact cause remains unclear as of now. #Pahalgam Terrorist Attack India stares at a 'water bomb' threat as it freezes Indus Treaty India readies short, mid & long-term Indus River plans Shehbaz Sharif calls India's stand "worn-out narrative" Authorities have halted all operations at Shahid Rajaee Port, while emergency services raced against time to secure the area and rush the wounded to hospitals across Bandar Abbas. Meanwhile, the National Iranian Oil Refining and Distribution Company confirmed that its refineries, pipelines, and distribution centers in the region were unaffected and continue to function normally. Where is Shahid Rajaee Port located and why is it crucial for Iran's economy? Shahid Rajaee Port lies on the northern edge of the Strait of Hormuz, one of the most strategic waterways in the world, where 20% of global oil trade passes through daily. Specifically, it's positioned near the Khuran (Clarence) Strait, separating mainland Iran from Qeshm Island, and administratively, it belongs to Bandar Abbas County in Hormozgan Province. This bustling port is about eight kilometers west of Bandar Abbas city center, nestled between Shahid Bahonar Port to the east and the Iran Shipbuilding & Offshore Industries Complex to the west. Its prime spot close to the Persian Gulf's entrance makes it the country's biggest gateway for imports and exports. Beyond local significance, Shahid Rajaee sits on the International North-South Transport Corridor (INSTC), linking the Indian Ocean and Persian Gulf to the Caspian Sea, Russia, and Northern Europe. Thanks to this position, it plays a major role in connecting Asia, Africa, and Europe, helping Iran maintain vital trade routes even under global sanctions. Live Events What makes the port's infrastructure so important after the Iran explosion? First opened during the Iran-Iraq War in 1985, Shahid Rajaee Port has expanded steadily to cover about 4,800 hectares today. Half of that area is still under expansion, aiming to create a massive port logistics city to drive re-exports and global trade. Right now, the port boasts 40 berths, including 10 container berths with depths of 13–17 meters, easily handling large Panamax ships of up to 18,400 TEUs and 185,000 DWT. To put it simply, it can manage some of the biggest vessels sailing the seas today. Some quick facts: 23 active gantry cranes 19 hectares of roofed warehouses 67 hectares of container yards A new Phase 3 expansion is underway to add 1,400 meters of wharves and increase capacity to 8.4 million TEUs. This Iranian oil port explosion not only disrupts Iran's busiest maritime hub but also shakes a place critical for its oil exports, steel, minerals, and petrochemical industries. The port even features dedicated oil and petrochemical berths and a massive 1.2 million cubic meter oil bunker. Iran had already been investing heavily in Shahid Rajaee's modernization, adding a bunkering terminal for marine fuel and planning a 50 million ton mechanized mineral terminal to keep pace with global demands. How big is Shahid Rajaee Port's role in Iran's trade and transit? Before Saturday's massive explosion in Iran, Shahid Rajaee Port handled an enormous slice of Iran's economy: 85–90% of all container traffic 55% of total trade 70% of all transit In the Iranian calendar year 2023–2024, the port processed over 75 million tons of freight — with 49 million tons being non-oil goods and 26 million tons being oil products. Recent figures show a whopping 89% increase in freight transit from 2023 to 2024, moving around 5.9 million tons of non-oil freight and 218,164 tons of oil freight. This growth helped position Iran as a vital bridge between Asia and Europe, despite heavy sanctions. Even globally, Shahid Rajaee Port isn't a small player — it ranks 44th among the world's 3,500 major ports based on its handling capacity, projected to rise to 100 million tons per year after ongoing expansions. Adding to its strength, the port has connections with 80 major international ports and 21 global shipping lines. Plus, Shahid Rajaee operates as a Special Economic Zone (SEZ), offering tax breaks and easier customs processes to attract foreign investment. FAQs: What caused the Iran oil port explosion at Shahid Rajaee Port? The cause of the Iran oil port explosion is still under investigation by authorities. Why is Shahid Rajaee Port important for Iran's economy? Shahid Rajaee Port handles 85–90% of Iran's container traffic and connects Iran to major global trade routes.
Yahoo
28-03-2025
- Business
- Yahoo
Castor Maritime Inc. Announces the Completion of the Sale of the M/V Magic Eclipse
LIMASSOL, Cyprus, March 28, 2025 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), ('Castor' or the 'Company'), a diversified global shipping company, announces that on March 24, 2025, it completed the previously announced sale of the M/V Magic Eclipse, a 2011-built Panamax bulk carrier vessel by delivering the vessel to its new owner. About Castor Maritime Inc. Castor Maritime Inc. is a diversified global shipping and energy company, with activities directly and indirectly in investment and asset management, vessel ownership, technical and commercial ship management and energy infrastructure projects. Castor owns a fleet of 11 vessels, with an aggregate capacity of 0.8 million dwt including the M/V Gabriela A that the Company agreed to sell on December 4, 2024, and the M/V Magic Callisto that the Company agreed to sell in March 2025. Castor is also the majority shareholder of the Frankfurt-listed investment and asset manager MPC Münchmeyer Petersen Capital AG. For more information, please visit the Company's website at Information on our website does not constitute a part of this press release. Cautionary Statement Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the 'Securities Act') and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'). Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. We are including this cautionary statement in connection with this safe harbor legislation. The words 'believe', 'anticipate', 'intend', 'estimate', 'forecast', 'project', 'plan', 'potential', 'will', 'may', 'should', 'expect', 'pending' and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of current or historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these forward-looking statements, including these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward‐looking statements include generally: the effects of the spin-off of our tanker business, our business strategy, expected capital spending and other plans and objectives for future operations, dry bulk and containership market conditions and trends, including volatility in charter rates (particularly for vessels employed in short-term time charters or index linked period time charters), factors affecting supply and demand, fluctuating vessel values, opportunities for the profitable operations of dry bulk and container vessels and the strength of world economies, changes in the size and composition of our fleet, our ability to realize the expected benefits from our past or future vessel acquisitions, our ability to realize the expected benefits of vessel acquisitions, increased transactions costs and other adverse effects (such as lost profit) due to any failure to consummate any sale of our vessels, our relationships with our current and future service providers and customers, including the ongoing performance of their obligations, dependence on their expertise, compliance with applicable laws, and any impacts on our reputation due to our association with them, our ability to borrow under existing or future debt agreements or to refinance our debt on favorable terms and our ability to comply with the covenants contained therein, in particular due to economic, financial or operational reasons, our continued ability to enter into time or voyage charters with existing and new customers and to re-charter our vessels upon the expiry of the existing charters, changes in our operating and capitalized expenses, including bunker prices, dry-docking, insurance costs, costs associated with regulatory compliance, and costs associated with climate change, our ability to fund future capital expenditures and investments in the acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the delivery and commencement of operations dates, expected downtime and lost revenue), instances of off-hire, due to vessel upgrades and repairs, fluctuations in interest rates and currencies, including the value of the U.S. dollar relative to other currencies, any malfunction or disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity breach, existing or future disputes, proceedings or litigation, future sales of our securities in the public market and our ability to maintain compliance with applicable listing standards, volatility in our share price, including due to high volume transactions in our shares by retail investors, potential conflicts of interest involving affiliated entities and/or members of our board of directors, senior management and certain of our service providers that are related parties, general domestic and international political conditions or events, including armed conflicts such as the war in Ukraine and the conflict in the Middle East, acts of piracy or maritime aggression, such as recent maritime incidents involving vessels in and around the Red Sea, sanctions, 'trade wars', global public health threats and major outbreaks of disease, changes in seaborne and other transportation, including due to the maritime incidents in and around the Red Sea, fluctuating demand for dry bulk and container vessels and/or disruption of shipping routes due to accidents, political events, international sanctions, international hostilities and instability, piracy or acts of terrorism, changes in governmental rules and regulations or actions taken by regulatory authorities, including changes to environmental regulations applicable to the shipping industry, accidents, the impact of adverse weather and natural disasters and any other factors described in our filings with the SEC. The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication, except to the extent required by applicable law. New factors emerge from time to time, and it is not possible for us to predict all or any of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these foregoing and other risks and uncertainties. These factors and the other risk factors described in this press release are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Given these uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements. CONTACT DETAILS For further information please contact: Petros PanagiotidisCastor Maritime Inc. Email: ir@ Media Contact: Kevin Karlis Capital LinkEmail: castormaritime@
